PolicyPal Network Launches Flight Delay Insurance With Ergo
PAL Network has launched its blockchain-powered Flight Delay Insurance for round-trip flights originating from Singapore.
The flight delay insurance built on the blockchain allows for fully automated claims. The smart contract terms are triggered by flight departure and arrival data, so in the event that a flight is delayed, payout will take place automatically. Coverage is underwritten by ERGO and distributed by PolicyPal .
Here’s How it Works: (1) user downloads the PolicyPal Singapore app, (2) purchases the ERGO Annual travel plan (Individual) using a credit card, or PAL tokens (coming soon), (3) shares flight details every time he/she travels to be added (once approved) to a virtual P2P Pool on the PolicyPal Network blockchain. Later, any flight delay will automatically trigger a claim payout.